21st Century Technology Sees Return To Growth In 2015

LONDON (Alliance News) - 21st Century Technology PLC Thursday said it still expects revenues in 2014 to be flat, but said that it has made a number of innovative major system proposals to both rail and bus operators, which if successful will put the group back into growth in 2015.

21st Century Technology provides CCTV monitoring systems to fleet and network bus and rail operators.

In a statement to shareholders at the company's annual general meeting Thursday, Chairman Mark Elliot said that while trading in 2014 has so far been in line with expectations, he is still expecting revenue for the year to be similar to 2013.

Last month, 21st Century Technology said it swung to a loss for 2013 and suspended payment of its dividend, as it planned to re-focus its business after it lost a significant contract with Go-Ahead Group PLC. The news sparked a 25% drop in the company's stock that day.

The company posted a pretax loss of GBP218,000 for 2013, down from a restated pretax profit of GBP1.8 million in 2012, as revenue declined to GBP10.8 million from GBP14.0 million.

21st Century Technology said Thursday that if the major proposals it has made to both rail and bus operators are successful, the proposals will begin in the second half of 2014, and provide the foundations for a return to growth in financial 2015.

Shares in the company were trading 1.4% higher at 5.20 pence Thursday morning.

By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty

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